NTPC considered dropping Gensol’s Khavda solar EPC contracts

Gensol Engineering has faced cancellation of 500 MW solar EPC contracts by NTPC Renewable Energy due to SEBI probe linked to BluSmart and delays in Gujarat projects.

By Prudhvi Rani 29 Apr 2025 in India Bytes

New Update

Khavda solar EPC contracts awarded by NTPC to Gensol in February covered 520 MW and were valued at over INR 2,000 crore. Image Credit/Source: MarkusSpiske/Pexels

India-based NTPC’s renewable energy arm planned to terminate two solar EPC contracts totalling 500 MW awarded to Gensol Engineering. A third project was under review. Gensol faced SEBI investigations over alleged misuse of EV loan funds linked to BluSmart. The firm’s solar EPC unit had delivered over 770 MW across various formats. However, its credibility came under question amid the probe. Gensol held an unexecuted EPC order book of INR 7,000 crore (~$821.23 million), covering projects for NTPC and GUVNL. In February, NTPC awarded Gensol two contracts valued at INR 968 crore (~$113.564 million) for 245 MW and INR 1,063 crore (~$124.71 million) for 275 MW solar projects at Khavda, Gujarat. NTPC was reviewing the possibility of reallocating the projects to other vendors amid execution delays and regulatory scrutiny.

#Gujrat #Khavda #SEBI #GensolEngineering #NTPCRenewableEnergy

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